Story highlights

Will provide a prize money boost for Royal Ascot and other racing at the famous course

Extends growing Qatar influence in horse racing and other sports

It needed permission from the British monarch and has the potential to enrage traditionalists, but one of horse racing's most regal occasions has crossed the rubicon and will allow sponsorship branding for the first time in its 300-year history.

Like Augusta for golf's U.S. Masters and Wimbledon in tennis, Royal Ascot has thrived with barely a nod in the direction of the commercial world -- until now.

The most quintessentially English of all sporting events has signed a five-year partnership deal with a company controlled by the Qatari royal family.

Do not expect to see massive advertising hoardings bearing the name of QIPCO, shorthand for Qatar Investment & Projects Development Holding Company.

But on the first day of the event, which takes place in June, the name will appear in places such as the top of stalls and at the back of the parade ring.

"It will be limited branding in Royal Ascot colors," Charles Barnett, chief executive of the race course, told CNN.

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Their sponsorship of the British Champions Series, culminating in Champions Day at Ascot in October, broke new ground, with both the Champions Stakes and Queen Elizabeth II Stakes now carrying seven-figure prize money.

Nick Attenborough, spokesman for Great British Racing which runs the series, welcomed the latest investments at Ascot.

"It's a real signal to the sport globally that they are here to stay," he told CNN.

Previous Middle Eastern involvement in the flat racing scene was centered around the Godolphin operation of the ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum.

Now the new kids on the block are certainly making an impression, additionally sponsoring English classic races, the 1,000 and 2,000 Guineas at Newmarket.

Frankel connection

QIPCO also lent its name to the Sussex Stakes at Glorious Goodwood, famously won twice by the unbeaten super horse Frankel.

At Europe's most prestigious race, the Prix de l'Arc de Triomphe in Paris, Qatari branding is emblazoned over the race course at Longchamps and last year's winner Treve is Qatari-owned.

Qatar is also flexing its financial muscle in other sports, notably football, which will see the 2022 World Cup staged in the small Arab state of just over two million people.

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Qatari investors also own French champions Paris Saint-Germain.

But aside from the controversy about playing conditions in the heat of the Gulf summer, there has also been criticism of its treatment of migrant workers employed to build the stadia and infrastructure for the competition.